On Dollarization
On Dollarization
复制标题
论美元化
DOI：
10.1111/1468-0351.00117
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发表时间：
2002
影响因子：
1.2
通讯作者：
G. Calvo
中科院分区：
文献类型：
--
作者：
G. Calvo
本文探讨了新兴市场经济体美元化的情况。有人声称，考虑到这些经济体最近的金融动荡，美元化成为一种有吸引力的货币制度。这些经济体倾向于购买美元债务（即负债美元化），这一事实进一步证明了这一点。然而，除非建立一个其资产和负债面临平行相对价格风险的金融部门，否则汇率失调和通货紧缩是潜在的严重问题，除非实施适当的财政和公共部门价格政策。
The paper examines the case for dollarization in emerging market economies. It is claimed that dollarization becomes an attractive monetary regime when account is taken of recent financial turmoil in such economies. The case is further strengthened by the fact that these economies have a penchant for acquiring dollar debts (i.e., liability dollarization). However, exchange rate misalignment and deflation are potentially serious problems, unless appropriate fiscal and public sector prices policies are implemented, in addition to establishing a financial sector whose assets and liabilities face parallel relative price risks.